IFC access to finance advisory had 298 projects and programs in 72 countries in FY209

TASHKENT, Nov 05, 2009 (Asia Pulse Data Source via COMTEX) -- IFK | Quote | Chart | News | PowerRating -- 2008 was a challenging and rewarding year as the International Finance Corporation (IFC) focused on helping clients cope with the economic crisis, a new report "IFC Access to Finance: Highlights Report 2009" says. This report highlights IFC's work over the last year in access to finance advisory services and includes regional cases.

IFC moved quickly with funding and programs aimed at eliminating further deterioration of financial institutions. IFC is working with banks across the globe to advise them on ways to expand lending to micro, small, and medium enterprises.

IFC programs are assisting financial institutions prioritize actions, steering them through the crisis, and protecting their customers and business. Clients are receiving assistance on risk and portfolio management and loan servicing, and in parallel, our ongoing Financial infrastructure programs have been quickly scaled up to strengthen both financial stability and access to finance through more efficient payment systems, remittance and domestic money transfer services, credit reporting systems, and secured transactions frameworks.

IFC efforts are aimed at stabilizing and stimulating financial activity to help minimize the impact of the crisis on economic growth and job creation in emerging markets. In FY09, IFC access to finance (A2F) advisory had 298 projects and programs in 72 countries 141 projects in IDA countries and 58 in fragile and conflict-affected countries. These projects represent $54.5 million in expenses, with about 36% of expenditures in IDA countries and 14% in fragile and conflict-affected countries.

IFC has supported a number of new initiatives this year such as creating efficient microfinance credit reporting systems globally, indexing the business environment for microfinance, and addressing the need for financial services beyond lending.

IFC services are delivered on the ground through regional offices with more than 130 dedicated staff. The organization also coordinates its work with the World Bank to deliver policy advice and joint interventions.

Development impact and results are fundamental to IFC mission and the success of A2f advisory services. More than half of the services are directly linked to IFC investments and over 70% serve micro, small, and medium enterprises (MSMes). Key figures of the reach of A2F advisory services:

IFC's SME Banking clients have generated $41.3 billion in financing and helped improve access to finance for 486,550 small and medium enterprises.

IFC's Microfinance clients have provided $4.5 billion in financing to about 5 million micro enterprises.

IFC's leasing clients provided 18,211 leases to micro, small and medium enterprises worth $1.7 billion.

IFC's Housing finance clients financed 57,734 homeowners with more than $3.1 billion in mortgage loans.

IFC has assisted its Trade Finance clients originate over $1.5 billion trade in 33 countries through advisory services.

IFC has helped create or improve credit bureaus in 13 countries over the last 5 years. In 2008 these credit bureaus received 38.9 million inquiries and helped generate about $19 billion in new financing.

IFC's donors have a critical role in supporting and partnering on its projects. Government, institutional, and multilateral donors contribute to its program as a whole, and to specific projects around the world. IFC thanks them for their continued assistance and commitment to its mission to alleviate poverty and improve people's lives.

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